紐約梅隆銀行 (BK) 2023 Q2 法說會逐字稿

Good morning, and welcome to the 2023 Second Quarter Earnings Conference Call hosted by BNY Mellon. (Operator Instructions) Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY Mellon's consent.

早上好，歡迎參加紐約梅隆銀行主辦的 2023 年第二季度盈利電話會議。 （操作員說明）請注意，本次電話會議和網絡廣播將被錄製，並將包含受版權保護的材料。未經紐約梅隆銀行同意，您不得錄製或轉播這些材料。

I will now turn the call over to Marius Merz, BNY Mellon Head of Investor Relations. Please go ahead.

我現在將把電話轉給紐約梅隆銀行投資者關係主管 Marius Merz。請繼續。

Thank you, operator, and good morning, everyone. Welcome to our second quarter 2023 earnings call. As always, we will reference our financial highlights presentation, which can be found on the Investor Relations page of our website at bnymellon.com.

謝謝接線員，大家早上好。歡迎參加我們的 2023 年第二季度財報電話會議。與往常一樣，我們將參考我們的財務摘要演示文稿，該演示文稿可以在我們網站 bnymellon.com 的投資者關係頁面上找到。

I'm joined by Robin Vince, President and Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer. Robin will start with introductory remarks, and Dermot will then take you through the earnings presentation. Following their remarks, there will be a Q&A session.

總裁兼首席執行官羅賓·文斯 (Robin Vince) 也加入了我的行列。以及我們的首席財務官德莫特·麥克唐諾 (Dermot McDonogh)。羅賓將首先進行介紹性發言，然後德莫特將帶您完成收益演示。在他們的發言之後，將進行問答環節。

Before we begin, please note that our remarks include forward-looking statements and non-GAAP measures. Information about these statements and non-GAAP measures are available in the earnings press release, financial supplement and financial highlights presentation, all available on the Investor Relations page of our website. Forward-looking statements made on this call speak only as of today, July 18, 2023, and will not be updated.

在開始之前，請注意我們的言論包括前瞻性陳述和非公認會計原則措施。有關這些報表和非公認會計原則措施的信息可在收益新聞稿、財務補充和財務摘要演示中找到，所有這些都可以在我們網站的投資者關係頁面上找到。本次電話會議中所做的前瞻性陳述僅截至今天（2023 年 7 月 18 日），並且不會更新。

With that, I will turn it over to Robin.

這樣，我就把它交給羅賓了。

Thanks, Marius, and thank you, everyone, for joining us this morning. Dermot will walk you through the financials for the quarter shortly. But in summary, the company delivered good financial performance amid a very dynamic operating environment, and we continue taking actions to position the firm for higher underlying growth and enhanced operational efficiency over time.

謝謝馬呂斯，也謝謝大家今天早上加入我們。德莫特很快就會向您介紹本季度的財務狀況。但總而言之，該公司在充滿活力的運營環境中實現了良好的財務業績，我們將繼續採取行動，使公司能夠隨著時間的推移實現更高的潛在增長並提高運營效率。

Referring to Slide 2 of our financial highlights presentation, BNY Mellon reported second quarter earnings per share of $1.30, which was up 26% year-over-year on $4.5 billion of revenue, an increase of 5% year-over-year. Consistent with our focus on driving pretax margin expansion in 2023 and beyond, we drove meaningful positive operating leverage as we maintained strong expense discipline while continuing to make significant investments to improve our growth trajectory and transform our operating model.

參考我們財務摘要演示文稿的幻燈片 2，紐約梅隆銀行報告第二季度每股收益為 1.30 美元，同比增長 26%，收入為 45 億美元，同比增長 5%。與我們致力於推動 2023 年及以後稅前利潤率擴張的重點相一致，我們保持了嚴格的費用紀律，同時繼續進行重大投資以改善我們的增長軌跡並轉變我們的運營模式，從而實現了有意義的積極運營槓桿。

As a result, our pretax margin improved to 30%, and we generated a return on tangible common equity of 23% in the quarter. As I've said many times before, disciplined execution and consistent progress from milestone to milestone is the key to unlocking the financial opportunity inherent in our high-quality franchise.

結果，我們的稅前利潤率提高到了 30%，本季度的有形普通股回報率為 23%。正如我之前多次說過的，嚴格的執行和從一個里程碑到另一個里程碑的持續進步是釋放我們高質量特許經營所固有的財務機會的關鍵。

While we're conscious of the work ahead of us, we're pleased to see the momentum building across the company. First, we're getting an increasingly firm grip on our expense base. I'm proud of our people who are embracing the task of making BNY Mellon a more efficient and scalable company, which gives me confidence in our ability to deliver tangible results in 2023 and beyond.

雖然我們意識到擺在我們面前的工作，但我們很高興看到整個公司的勢頭正在增強。首先，我們對支出基礎的控制越來越牢固。我為我們的員工感到自豪，他們致力於將紐約梅隆銀行打造成一家更高效、更具規模化的公司，這讓我對我們在 2023 年及以後交付切實成果的能力充滿信心。

Remember, in January, we committed to essentially cut expense growth in half this year, roughly 4% growth excluding notable items in 2023 compared to roughly 8% ex currency in 2022. Halfway through the year, I'm pleased to report that we're on track, even a little ahead of our plans.

請記住，在 1 月份，我們承諾將今年的支出增長大幅削減一半，不包括顯著項目的 2023 年支出增長約為 4%，而 2022 年的支出增長約為 8%（按匯率計算）。今年過半，我很高興地向大家報告，我們“我們正在步入正軌，甚至比我們的計劃提前了一點。

Second, the strength of our balance sheet, the resiliency of our business model and our proactive balance sheet management continue to differentiate us with clients and create value for our shareholders. Net interest revenue and deposits were both bright spots in the quarter, and the Federal Reserve's 2023 bank stress test demonstrated our capacity to withstand an extreme stress scenario. As a result of the test, our preliminary stress capital buffer requirement remains at the regulatory floor of 2.5%. And while our overall approach to returning capital to shareholders remains unchanged, we increased our quarterly common dividend by 14% to $0.42 starting this quarter.

其次，我們的資產負債表實力、業務模式的彈性和積極主動的資產負債表管理繼續使我們在客戶中脫穎而出，並為股東創造價值。淨利息收入和存款都是本季度的亮點，美聯儲2023年銀行壓力測試證明了我們承受極端壓力情況的能力。測試結果顯示，我們初步壓力資本緩衝要求仍維持在2.5%的監管下限。雖然我們向股東返還資本的總體方法保持不變，但從本季度開始，我們將季度普通股股息提高了 14%，達到 0.42 美元。

Third, we remain laser-focused on driving sustainably higher underlying growth across the firm. We've talked before about the advantages of our business model. Businesses such as Clearance and Collateral Management, Pershing, Depositary Receipts, Corporate Trust and Treasury Services offer us a breadth and diversification in comparison to traditional trust banks.

第三，我們仍然專注於推動整個公司可持續的更高的潛在增長。我們之前已經討論過我們的商業模式的優勢。與傳統信託銀行相比，清算和抵押品管理、潘興、存託憑證、企業信託和資金服務等業務為我們提供了廣泛性和多元化。

We saw strength in some of these differentiated businesses in the second quarter, and new business pipelines are healthy across the board. And importantly, we continued pushing ahead with new innovative client solutions that we expect to become growth accelerators for the medium and long term.

我們在第二季度看到了其中一些差異化業務的實力，並且新業務渠道全面健康。重要的是，我們繼續推進新的創新客戶解決方案，我們預計這些解決方案將成為中長期增長的加速器。

Less than 2 years after hiring employee #1, Pershing X is now live with Wove, our open architecture wealth management platform that addresses a major pain point in the advisory market by better integrating advisers' core applications. Wove allows us to integrate some of the best solutions from around BNY Mellon, including from our Investment Management business as well as from leading third-party fintechs.

在僱用 1 號員工後不到 2 年，Pershing X 現已使用 Wove，這是我們的開放式架構財富管理平台，通過更好地集成顧問的核心應用程序來解決諮詢市場的主要痛點。 Wove 使我們能夠整合紐約梅隆銀行周圍的一些最佳解決方案，包括我們的投資管理業務以及領先的第三方金融科技公司。

Our launch of Pershing's INSITE conference in June has garnered significant early enthusiasm from clients and industry influencers who see Wove as a promising solution. The client pipeline is growing nicely, which we will report on more in the quarters ahead.

我們於 6 月推出的博星 INSITE 會議贏得了客戶和行業影響者的極大早期熱情，他們認為 Wove 是一個有前途的解決方案。客戶渠道增長良好，我們將在未來幾個季度報告更多情況。

More broadly, Wove is a proof point of our ability to execute at speed. We can deliver leading solutions quickly when we empower our people, surround them with the expertise and tools that they need and drive forward with a product mindset, leveraging our great platforms. It's also a reflection of the change in mindset we are cultivating here, more commercially oriented with a greater sense of ownership and a greater focus on execution.

更廣泛地說，Wove 證明了我們的快速執行能力。當我們為員工提供支持、為他們提供所需的專業知識和工具並利用我們出色的平台以產品思維推動發展時，我們就可以快速提供領先的解決方案。這也反映了我們正在培養的思維方式的變化，更加以商業為導向，具有更強的主人翁意識，更加註重執行。

I'll also call out Treasury Services, which continues to innovate in areas like faster payments and Banking as a Service. This quarter, the business announced a strategic alliance with Mobility Capital Finance or MoCaFi, a black-founded fintech whose mission is to enable underserved communities to access banking services. This is just the latest example of how we are deploying our capabilities to advance financial inclusion in an innovative way.

我還要提到財政服務，它在更快的支付和銀行即服務等領域不斷創新。本季度，該公司宣布與 Mobility Capital Finance 或 MoCaFi 建立戰略聯盟，MoCaFi 是一家黑人創立的金融科技公司，其使命是讓服務不足的社區獲得銀行服務。這只是我們如何利用我們的能力以創新方式推進金融包容性的最新例子。

Now I've spoken in the past about the opportunity to do more things for our clients by connecting the dots for them through our ONE BNY Mellon initiative and how we're going to operationalize that. To help us realize this potential and more broadly, to sharpen our commercial focus and elevate the client experience across the firm, in May, we welcomed Cathinka Wahlstrom as our first Chief Commercial Officer and member of our Executive Committee.

我過去曾談到過，我們有機會通過“ONE BNY Mellon”計劃為我們的客戶提供更多幫助，並為他們做更多的事情，以及我們將如何實施這一計劃。為了幫助我們更廣泛地實現這一潛力，加強我們的商業重點並提升整個公司的客戶體驗，5 月份，我們歡迎 Cathinka Wahlstrom 擔任我們的第一位首席商務官和執行委員會成員。

In addition to taking on oversight responsibilities for Global Client Management, I've tasked Cathinka to embed ONE BNY Mellon into the operations of our company. It's important that we commercialize this opportunity through training by properly incentivizing our people to collaborate across the firm and by developing deliberate approaches to multiproduct solutions.

除了承擔全球客戶管理的監督職責外，我還責成 Cathinka 將 ONE BNY Mellon 納入我們公司的運營中。重要的是，我們通過培訓適當激勵我們的員工在整個公司內進行協作，並開發深思熟慮的多產品解決方案，從而將這一機會商業化。

Stepping back for a moment, let me provide a few thoughts on the macro environment. We acknowledge that the path of interest rates, continued QT and elevated U.S. Treasury issuance activity carry meaningful uncertainties for the environment in the months ahead.

退一步，讓我談談對宏觀環境的一些想法。我們承認，利率走勢、持續的量化寬鬆以及美國國債發行活動的增加給未來幾個月的環境帶來了重大的不確定性。

From our vantage point as the primary clearer of U.S. treasuries and through touching roughly 20% of the world's investable assets, our data tells us that more than half of recent T-bill issuance has been absorbed by funds flowing out of the Fed's RRP, but a good chunk of the balance has come from the banking system. Most of the money market fund demand for T-bills has been concentrated at the very front end as funds have been less comfortable extending duration past the end of July, ahead of an expected rate hike later this month and continued uncertainty on the path of rates thereafter.

從我們作為美國國債主要清算機構的優勢來看，通過觸及全球約 20% 的可投資資產，我們的數據告訴我們，近期國債發行量的一半以上已被流出美聯儲 RRP 的資金吸收，但餘額的很大一部分來自銀行系統。貨幣市場基金對國庫券的大部分需求都集中在最前端，因為在預計本月晚些時候加息之前，以及利率路徑持續存在不確定性，基金不太願意將久期延長至 7 月底之後此後。

We're also not seeing much foreign demand as cross-border flows into U.S. treasuries of all maturities are negative and have been for some time. Together, this is likely going to put some incremental pressure on domestic funding sources, funds, banks and corporates as well as state and local governments to absorb upcoming supply unless T-bill prices cheapen materially from current levels.

我們也沒有看到太多的外國需求，因為所有期限的美國國債的跨境資金流入都是負數，而且這種情況已經持續一段時間了。總之，這可能會給國內資金來源、基金、銀行和企業以及州和地方政府帶來一些增量壓力，以吸收即將到來的供應，除非國庫券價格從目前水平大幅下降。

For this reason, we do expect some further pressure on deposit balances across the industry in the months ahead. As you would expect, we are positioning ourselves prudently given these uncertainties but see these flows as benefiting our broader cash ecosystem.

因此，我們預計未來幾個月整個行業的存款餘額將面臨進一步的壓力。正如您所期望的那樣，鑑於這些不確定性，我們正在謹慎地定位自己，但我們認為這些流動有利於我們更廣泛的現金生態系統。

We manage over $1.3 trillion worth of cash on behalf of clients across deposits, money market funds, repos and securities lending. And we're the biggest provider of collateral services globally as well with about $6 trillion of tri-party balances on our platform. This $7 trillion of relevance to money market flows allows us to retain a connection to the money when it moves around various short-term investment alternatives and allows us to help our clients find the right solutions for their investment needs.

我們代表客戶管理價值超過 1.3 萬億美元的現金，涉及存款、貨幣市場基金、回購和證券借貸。我們是全球最大的抵押服務提供商，我們的平台上擁有約 6 萬億美元的三方餘額。這 7 萬億美元與貨幣市場流動的相關性使我們能夠在貨幣在各種短期投資選擇中流動時保持與貨幣的聯繫，並使我們能夠幫助客戶找到適合其投資需求的正確解決方案。

Let me conclude my comments on a reflective note. As I've acknowledged before, strategy matters, but execution and culture matter even more. As we close the books on the second quarter, we're entering the back half of the year with good momentum and confidence in our ability to drive change by executing consistently and at pace.

讓我以反思性的筆記來結束我的評論。正如我之前所承認的，戰略很重要，但執行和文化更重要。當我們結束第二季度的賬目時，我們正以良好的勢頭進入今年下半年，並對我們通過持續、快速執行來推動變革的能力充滿信心。

Over the past couple of years, we've been able to attract high-caliber talent to upgrade multiple important roles across the company. Our existing team, together with these new leaders, are rising to the challenge of unlocking our potential. And it's clear to me that we have a tremendous opportunity in front of us by leveraging our unique combination of businesses, our preeminent client franchise and the power of our culture and people. I'm encouraged by the initial progress over the past couple of quarters and excited about what lies ahead.

在過去的幾年裡，我們已經能夠吸引高素質人才來提升整個公司的多個重要職位。我們現有的團隊與這些新的領導者一起，正在迎接釋放我們潛力的挑戰。我很清楚，通過利用我們獨特的業務組合、卓越的客戶特許經營權以及我們的文化和人才的力量，我們面前擁有巨大的機會。我對過去幾個季度取得的初步進展感到鼓舞，並對未來感到興奮。

With that, over to you, Dermot.

好了，交給你了，德莫特。

Thank you, Robin, and good morning, everyone. Let me start on Page 3 of the presentation with some additional details on our consolidated financial results in the second quarter.

謝謝你，羅賓，大家早上好。讓我從演示文稿的第 3 頁開始，介紹有關我們第二季度合併財務業績的一些其他詳細信息。

Total revenue of $4.5 billion was up 5% year-over-year. Net interest revenue was up 33% year-over-year primarily driven by higher interest rates, partially offset by changes in balance sheet size and mix. Fee revenue was down 2% driven by the sale of Alcentra in the fourth quarter, the mix of cumulative AUM net inflows and lower FX revenue on the back of lower volumes and volatility, partially offset by the abatement of money market fee waivers.

總收入為 45 億美元，同比增長 5%。淨利息收入同比增長 33%，主要是由於利率上升，但部分被資產負債表規模和結構的變化所抵消。由於第四季度 Alcentra 的出售，累計資產管理規模淨流入和外匯收入下降（由於交易量和波動性下降），費用收入下降了 2%，但貨幣市場費用豁免的減少部分抵消了這一影響。

Firm-wide AUC/A of $46.9 trillion increased by 9% year-over-year. This increase reflects the impact of higher market values, client inflows and net new business. Assets under management of $1.9 trillion decreased by 2% year-over-year. The impact of lower market values driven by a year-over-year decrease in the U.K. fixed income markets and the sale of Alcentra was partially offset by cumulative net inflows over the last year and the favorable impact of a weaker U.S. dollar.

全公司 AUC/A 為 46.9 萬億美元，同比增長 9%。這一增長反映了更高的市場價值、客戶流入和淨新業務的影響。管理資產規模1.9萬億美元，同比下降2%。英國固定收益市場同比下降和 Alcentra 出售導致市值下降的影響被去年累計淨流入和美元疲軟的有利影響部分抵消。

Investment and other revenue was $97 million. We continue to see strength in fixed income trading and positive seed capital results. Expenses were flat on a reported basis and up 1% excluding notable items. This was driven by higher investments and revenue-related expenses and the impact of inflation, partially offset by efficiency savings and the Alcentra divestiture.

投資和其他收入為 9700 萬美元。我們繼續看到固定收益交易的強勁勢頭和積極的種子資本成果。費用與報告基礎上持平，但不包括顯著項目則增長 1%。這是由投資和收入相關費用增加以及通貨膨脹的影響推動的，但部分被效率節省和 Alcentra 資產剝離所抵消。

Provision for credit losses was $5 million in the quarter, reflecting changes in the macroeconomic forecast, resulting in higher reserves relating to commercial real estate, largely offset by reserve releases related to financial institutions. As Robin mentioned earlier, earnings per share were $1.30, up 26% year-over-year or up 20% excluding notable items. Pretax margin continued to improve to 30%. Our return on tangible common equity improved to 23%.

本季度信貸損失撥備為 500 萬美元，反映了宏觀經濟預測的變化，導致商業房地產相關準備金增加，但大部分被金融機構相關準備金釋放所抵消。正如 Robin 之前提到的，每股收益為 1.30 美元，同比增長 26%，不計重要項目則增長 20%。稅前利潤率繼續提高至30%。我們的有形普通股回報率提高至 23%。

Turning to capital and liquidity on Page 4. Our regulatory capital ratios remained roughly unchanged. The Tier 1 leverage ratio was 5.7%, down 14 basis points quarter-over-quarter primarily driven by an increase in average assets. Tier 1 capital increased slightly driven by capital generated through earnings net of capital returns through buybacks and dividends. The CET1 ratio was 11.1%, up 10 basis points quarter-over-quarter primarily reflecting higher CET1 capital.

轉向第 4 頁的資本和流動性。我們的監管資本比率大致保持不變。一級槓桿率為5.7%，環比下降14個基點，主要是由於平均資產增加所致。一級資本略有增加，主要是由於收益扣除回購和股息帶來的資本回報後產生的資本。 CET1 比率為 11.1%，環比上升 10 個基點，主要反映 CET1 資本增加。

As we said on our earnings call in April, we tapered buybacks in the second quarter to maintain conservative buffers above our management targets being mindful of the uncertain environment. Overall, we returned 72% of earnings, including approximately $300 million of common dividends and approximately $450 million of buybacks in the second quarter. On a year-to-date basis, we have returned 119% of earnings.

正如我們在四月份的財報電話會議上所說，考慮到不確定的環境，我們在第二季度減少了回購，以將保守的緩衝維持在高於我們的管理目標之上。總體而言，我們在第二季度返還了 72% 的收益，包括約 3 億美元的普通股息和約 4.5 億美元的回購。今年迄今，我們已返還 119% 的收益。

The consolidated liquidity coverage ratio was 120%, an increase of 2 percentage points compared with the prior quarter. Our consolidated net stable funding ratio, which we are reporting publicly for the first time this quarter, was 136%, well in excess of the regulatory requirement.

合併流動性覆蓋率為120%，較上季度提高2個百分點。我們本季度首次公開報告的綜合淨穩定資金比率為 136%，遠遠超過監管要求。

Moving on to net interest revenue and further details on the underlying balance sheet trends on Page 5, which I will describe in sequential terms. Net interest revenue of $1.1 billion was down 2% quarter-over-quarter driven by deposit mix shift, partially offset by higher interest rates. Overall, deposit balances have remained elevated relative to our expectations as they increased 1% sequentially on an average basis.

接下來是第 5 頁上的淨利息收入和有關資產負債表基本趨勢的更多詳細信息，我將按順序進行描述。由於存款結構變化，淨利息收入為 11 億美元，環比下降 2%，但部分被利率上升所抵消。總體而言，存款餘額相對於我們的預期仍然較高，平均環比增長 1%。

Interest-bearing deposits were up 5%. Noninterest-bearing deposits were down 11%, in line with our expectations. Average interest-earning assets increased by 4% quarter-over-quarter. Underneath that, cash and reverse repo was up 15%. Loan balances were flat. Our investment securities portfolio was down 5%.

有息存款增長5%。無息存款下降 11%，符合我們的預期。平均生息資產環比增長4%。在此之下，現金和逆回購上漲了 15%。貸款餘額持平。我們的投資證券投資組合下降了 5%。

Turning to expenses on Page 6. Expenses for the quarter were flat year-over-year on a reported basis and up 1% excluding notable items relating to litigation and severance. As I mentioned earlier, this reflects higher investments and revenue-related expenses and the impact of inflation, partially offset by efficiency savings and the Alcentra divestiture.

轉向第 6 頁的費用。根據報告，本季度的費用與去年同期持平，但不包括與訴訟和遣散費相關的顯著項目，增長 1%。正如我之前提到的，這反映了投資和收入相關費用的增加以及通貨膨脹的影響，但部分被效率節約和 Alcentra 資產剝離所抵消。

To summarize, we continue pushing forward with our multiyear investments to increase the growth trajectory of the firm and transform our operating model for greater scalability over time. Importantly, we remain focused on driving positive operating leverage and delivering continued pretax margin expansion. As an example of the expense discipline that Robin mentioned, for the second quarter, we self-funded the entirety of our incremental investment spend and importantly, are on course to do the same for the full year.

總而言之，我們將繼續推進多年投資，以提高公司的增長軌跡，並轉變我們的運營模式，以隨著時間的推移實現更大的可擴展性。重要的是，我們仍然專注於推動積極的運營槓桿並實現稅前利潤率的持續擴張。作為羅賓提到的支出紀律的一個例子，在第二季度，我們自籌資金全部增量投資支出，重要的是，我們預計全年也會這樣做。

Turning to our business segments, starting with Securities Services on Page 7. As I discuss the performance of our Securities Services and Market and Wealth Services segment, I will comment on the investment services fees for each line of business described in our earnings press release and the financial supplement.

轉向我們的業務部門，從第 7 頁的證券服務開始。在討論我們的證券服務以及市場和財富服務部門的業績時，我將評論我們的收益新聞稿中描述的每個業務線的投資服務費用，以及財政補助。

Securities Services reported total revenue of $2.2 billion, up 12% year-over-year. Fee revenue was down 2%. Within this, investment services fees were flat. FX revenue was down 20% on the back of lower volatility and volume. Net interest revenue was up 46%.

證券服務總收入為 22 億美元，同比增長 12%。手續費收入下降 2%。其中，投資服務費持平。由於波動性和交易量下降，外匯收入下降了 20%。淨利息收入增長 46%。

In Asset Servicing, investment services fees were flat with healthy underlying growth from new and existing clients, offset by lower client transaction activity, reflecting the current market environment. Importantly, strength in attractive market segments continued. Despite an industry slowdown for private markets and hedge fund launches, we saw strong growth in our Alts servicing business. High single-digit growth in both ETF AUC/A and number of funds serviced continued.

在資產服務方面，投資服務費用持平，新客戶和現有客戶的基本健康增長，被客戶交易活動減少所抵消，反映了當前的市場環境。重要的是，有吸引力的細分市場持續走強。儘管私募市場和對沖基金推出的行業放緩，但我們的 Alts 服務業務仍然強勁增長。 ETF AUC/A 和服務基金數量繼續保持高個位數增長。

Within Issuer Services, investment service fees were up 3% driven by our Depositary Receipts business. Here, the impact of a large client corporate action in the current quarter was tempered by the absence of Russia-related client activity in the second quarter of last year.

在發行人服務中，受我們的存託憑證業務的推動，投資服務費上漲了 3%。在這裡，本季度大型客戶企業行動的影響因去年第二季度缺乏與俄羅斯相關的客戶活動而受到削弱。

Next, Market and Wealth Services on Page 8. Market and Wealth Services reported total revenue of $1.4 billion, up 10% year-over-year. Fee revenue was up 5%. Net interest revenue increased by 24%.

接下來是第 8 頁的市場和財富服務。市場和財富服務報告總收入為 14 億美元，同比增長 10%。手續費收入增長 5%。淨利息收入增長24%。

In Pershing, investment services fees were up 4%. The increase reflects the abatement of money market fee waivers and higher fees on sweep balances, partially offset by lower transaction volumes, consistent with the decline in U.S. equity exchange volumes and the impact of lost business. The net new assets number was a negative $34 billion in the quarter, reflecting the deconversion of a regional bank client that was acquired in May.

在潘興，投資服務費上漲了 4%。這一增長反映了貨幣市場費用豁免的減少和掃描餘額費用的提高，部分被交易量下降所抵消，這與美國股票交易量的下降和業務損失的影響一致。本季度淨新增資產為負 340 億美元，反映出 5 月份收購的一家地區銀行客戶的轉換。

Excluding the impact of this ongoing deconversion, which we expect to weigh on our reported net new assets for several quarters, net new assets grew at a mid-single-digit annualized growth rate. We remain confident in Pershing's underlying momentum and prospects. Importantly, our continued investments to enhance Pershing's core platform as well as the business' access to the strength and breadth of the whole company is being recognized by clients as a differentiator, especially in the current market environment. Also, as Robin mentioned earlier, Wove is off to an excellent start.

排除正在進行的轉換的影響（我們預計這將在幾個季度對我們報告的淨新資產造成壓力），淨新資產以中個位數的年化增長率增長。我們對潘星的潛在動力和前景仍然充滿信心。重要的是，我們為增強潘星核心平台以及業務獲得整個公司的實力和廣度而進行的持續投資被客戶視為差異化因素，尤其是在當前的市場環境下。此外，正如 Robin 之前提到的，Wove 有了一個良好的開端。

In Treasury Services, investment services fees decreased by 2%, reflecting higher earnings credits for noninterest-bearing deposit balances and lower payment volumes, partially offset by continued momentum across payment and liquidity solutions.

在資金服務領域，投資服務費用下降了 2%，反映出無息存款餘額的收益信貸增加和支付量下降，但部分被支付和流動性解決方案的持續增長勢頭所抵消。

In Clearance and Collateral Management, investment services fees were up 10% driven by U.S. government clearance volumes reflecting elevated volatility and U.S. Treasury issuance following resolution of the debt ceiling. We also saw healthy growth in collateral management fees.

在清算和抵押品管理方面，投資服務費上漲了 10%，原因是美國政府清算量增加，反映出波動性上升以及債務上限解決後美國國債發行。我們還看到抵押品管理費的健康增長。

As the largest truly global collateral manager, we continue to increase market connectivity by expanding our tri-party platform to include new markets, trade types and collateral pools. Our average tri-party collateral management balances increased by 16% year-over-year to $6 trillion.

作為最大的真正的全球抵押品管理公司，我們通過擴展我們的三方平台以納入新市場、交易類型和抵押品池，繼續增強市場連通性。我們的平均三方抵押品管理餘額同比增長 16%，達到 6 萬億美元。

Turning to Investment and Wealth Management on Page 9. Investment and Wealth Management reported total revenue of $813 million, down 10% year-over-year. Fee revenue was down 10%. Investment and other revenue was $12 million in the quarter primarily reflecting seed capital gains, and net interest revenue declined 37% year-over-year.

轉向第 9 頁的投資和財富管理。投資和財富管理報告總收入為 8.13 億美元，同比下降 10%。手續費收入下降 10%。本季度投資和其他收入為 1200 萬美元，主要反映種子資本收益，淨利息收入同比下降 37%。

Assets under management of $1.9 trillion decreased by 2% year-over-year. As I mentioned earlier, this decrease largely reflects lower market values driven by the year-over-year decrease in U.K. fixed income markets and the Alcentra divestiture, partially offset by cumulative net inflows and the favorable impact of the weaker dollar.

管理資產規模1.9萬億美元，同比下降2%。正如我之前提到的，這一下降主要反映了英國固定收益市場同比下降和 Alcentra 資產剝離導致的市場價值下降，但部分被累計淨流入和美元疲軟的有利影響所抵消。

In the quarter, we saw $9 billion of net outflows from long-term products as clients continued to derisk and rebalance their portfolios. And despite competitive investment performance, we saw $9 billion of net outflows from cash.

本季度，隨著客戶繼續降低風險並重新平衡其投資組合，我們看到長期產品出現 90 億美元的淨流出。儘管投資表現具有競爭力，但我們仍看到 90 億美元的現金淨流出。

In Investment Management, revenue was down 9% year-over-year primarily reflecting the sale of Alcentra and the mix of cumulative net inflows, partially offset by improved seed capital results and lower money market fee waivers, while in Wealth Management, revenue decreased 10% driven by lower net interest revenue and changes in product mix. Client assets of $286 billion increased by 8% year-over-year, reflecting higher market values and cumulative net inflows.

在投資管理領域，收入同比下降 9%，主要反映 Alcentra 的出售和累計淨流入的綜合影響，但部分被種子資本業績改善和貨幣市場費用減免降低所抵消，而在財富管理領域，收入下降了 10% % 受到淨利息收入下降和產品組合變化的推動。客戶資產達2860億美元，同比增長8%，反映了更高的市值和累計淨流入。

Page 10 shows the results of the Other segment. I will close with a few comments on our current financial outlook for the second half of the year. Number one, our net interest revenue outlook for the full year '23 remains unchanged for 20% growth year-over-year. This is based on market-implied forward interest rates towards the end of the quarter.

第 10 頁顯示了其他部分的結果。最後，我將對我們當前下半年的財務前景發表一些評論。第一，我們對 23 年全年淨利息收入的展望保持不變，即同比增長 20%。這是基於季度末的市場隱含遠期利率。

We are pleased with our net interest revenue trajectory and balance sheet management year-to-date, but mindful that we are operating in a very uncertain environment with continued rate volatility, a higher for longer rate market backdrop and uncertainty surrounding meaningful U.S. Treasury issuance in the coming months.

我們對今年迄今為止的淨利息收入軌跡和資產負債表管理感到滿意，但請注意，我們正處於一個非常不確定的環境中，利率持續波動，長期利率市場背景更高，以及圍繞有意義的美國國債發行的不確定性。未來幾個月。

Number two, we are ahead of plan when it comes to executing on our efficiency efforts. We remain focused on outperforming our target of 4% expense growth excluding notable items for the full year '23 and will work hard to drive this closer to 3% in the coming months. While we expect the operating environment to continue to weigh on fee growth relative to what we expected at the beginning of the year, our progress on the expense side continues to give us confidence in our ability to deliver positive operating leverage this year.

第二，在執行效率工作方面，我們領先於計劃。我們仍然專注於超越 23 年全年 4% 的費用增長目標（不包括值得注意的項目），並將努力在未來幾個月內將這一增長率推向接近 3%。雖然我們預計運營環境相對於年初的預期將繼續影響費用增長，但我們在費用方面的進展繼續讓我們對今年實現積極運營槓桿的能力充滿信心。

Number three, we still expect to return 100% of our earnings or more to our shareholders over the full year '23 while continuing to position ourselves conservatively with respect to our capital levels, considering the amount of operating uncertainty.

第三，考慮到經營的不確定性，我們仍然預計在 23 年全年將 100% 或更多的收益返還給股東，同時繼續對我們的資本水平採取保守態度。

In conclusion, I am pleased to report that the company continues to perform well against the backdrop of complex operating environment. And we continue to execute with a great sense of urgency against our growth and efficiency initiatives.

總之，我很高興地報告，在復雜的經營環境的背景下，公司繼續表現良好。我們繼續以極大的緊迫感執行我們的增長和效率舉措。

With that, operator, can you please open the line for Q&A?

那麼，接線員，您可以開通問答線路嗎？

(Operator Instructions) And our first question will come from Brennan Hawken with UBS.

（操作員說明）我們的第一個問題將來自瑞銀集團的布倫南霍肯。

Dermot, I'd like to start with which you just touched on, the unchanged NII outlook. Curious what you're seeing as far as deposit cost pressure. We've begun to see that emerge. There are peer firms of Bank of New York's that have flagged some upward pressure in the back book. How is it that you are able to avoid these pressures and keep on your NII outlook that you had provided earlier?

德莫特，我想從您剛才提到的不變的 NII 前景開始。很好奇您所看到的存款成本壓力。我們已經開始看到這種情況的出現。紐約銀行的一些同行公司在後台報告中表示存在一些上行壓力。您如何能夠避免這些壓力並保持您之前提供的 NII 前景？

Thanks for the question, Brennan. So I will accept the fact that the pressures are there, but I think the team is doing a great job managing both sides of the balance sheet in a very dynamic environment. So if we kind of look at the first half of the year, I think we're very pleased with where it's -- where we've come out in the first half of the year and feel we're on a very good footing for the back half of the year.

謝謝你的提問，布倫南。因此，我會接受壓力確實存在的事實，但我認為團隊在一個非常動態的環境中在管理資產負債表的兩側方面做得很好。因此，如果我們回顧一下今年上半年，我認為我們對今年上半年的表現非常滿意，並且感覺我們的基礎非常好下半年。

In January, when we spoke to you, we kind of gave a guidance of 20%. And that was with a mid-single-digit decline in deposits over the balance -- over the course of the year. If you reflect on the 2 quarters just behind us, we had elevated deposits in Q1 on the back of uncertainty around regional banks. We had elevated deposits in Q2 on debt ceiling, which really speaks to the strength of our balance sheet and the strength of our franchise and clients looking to use us in times of uncertainty.

一月份，當我們與您交談時，我們給出了 20% 的指導。這是因為全年存款餘額出現中個位數下降。如果你回顧一下剛剛過去的兩個季度，我們在第一季度的存款有所增加，原因是地區銀行的不確定性。我們在第二季度的債務上限上增加了存款，這確實說明了我們資產負債表的實力、我們的特許經營權以及希望在不確定時期使用我們的客戶的實力。

Now when you look to the back half of the year and our deposit -- average deposits in Q2 were around $277 billion, up 1% sequentially. We do expect this growth to moderate in the back half of the year, and we do expect declines in our balances as a result of the treasury issuance, which I think is going to be announced in August in terms of what they're going to do between bills and coupon payments. And the interplay between QT, RRP and bank reserves is something that we're all watching carefully.

現在，當你看看今年下半年和我們的存款時，第二季度的平均存款約為 2,770 億美元，比上一季度增長 1%。我們確實預計這種增長將在今年下半年放緩，而且我們確實預計國債發行會導致我們的餘額下降，我認為國債發行將在 8 月份宣布。在賬單和息票支付之間進行。我們都在仔細關注 QT、RRP 和銀行準備金之間的相互作用。

So we do expect our balances to go down to mid- to high single digits from here. But when we reflect back and do the bottoms-up, top-down and talk to clients and see what's happening in the marketplace, we come back to the same places where we started at the beginning of the year in terms of our overall feel good about the guidance of 20%.

因此，我們確實預計我們的餘額將從這裡降至中高個位數。但是，當我們反思並進行自下而上、自上而下的操作並與客戶交談並了解市場中發生的情況時，就整體感覺良好而言，我們又回到了年初開始的相同位置大約20%的指導。

And specifically to your point on deposit costs, look, our client base, unlike others, is largely institutional. And our bases are in the mid- to high 70s. And we feel our book is kind of -- we passed on the rate rises to our clients over the last 1.5 years. So we feel pretty good about where the book is.

具體到您關於存款成本的觀點，我們的客戶群與其他客戶群不同，主要是機構客戶。我們的基地位於 70 年代中上層。我們覺得我們的書有點——我們在過去 1.5 年裡將加息轉嫁給了我們的客戶。所以我們對這本書的位置感覺很好。

We price competitively. Clients come to us not just for deposits. They come for a broad range of goods and services, and deposits are part of our overall product mix. So we feel very good about where the book is and where the cost is. Notwithstanding, there are pressures given the higher for longer rate environment and people looking to optimize their net interest income. So that's it.

我們的價格具有競爭力。客戶來到我們這裡不僅僅是為了存款。他們尋求廣泛的商品和服務，而存款是我們整體產品組合的一部分。因此，我們對這本書的位置和成本非常滿意。儘管如此，鑑於長期利率環境較高以及人們希望優化淨利息收入，仍然存在壓力。就是這樣了。

That's very helpful. I appreciate that. And so switching gears a little bit on the fee revenue side. This was a pretty good outcome for you guys here this quarter. How should we be thinking about jumping off into the next quarter? Is there anywhere in particular where you would flag some adjustments that we should be making to the baseline? Or is this a fair way to think about it?

這非常有幫助。我很感激。因此，在費用收入方面進行了一些轉變。對於本季度的你們來說，這是一個非常好的結果。我們應該如何考慮進入下一個季度？您是否特別在任何地方標記了我們應該對基線進行的一些調整？或者這是一個公平的思考方式嗎？

So as it relates to fees, Brennan, look, I think when I look across the various businesses and the feedback that we're getting from clients and when I talk to our teams, our backlogs are good. We're winning our fair share of deals.

因此，就費用而言，布倫南，你看，我認為當我查看各種業務以及我們從客戶那裡得到的反饋時，當我與我們的團隊交談時，我們的積壓工作很好。我們正在贏得我們應有的交易份額。

I have to say the enthusiasm and the energy of the team when they came back from the INSITE conference having launched the Wove product gives us great optimism about the future and what we can do for our clients. So overall, I would say our backlog is good in a very uncertain environment. We're winning our share. And our yet to be installed book of business in Asset Servicing is healthy and strong.

我不得不說，當團隊從 INSITE 會議回來推出 Wove 產品時，他們的熱情和活力讓我們對未來以及我們能為客戶做的事情感到非常樂觀。總的來說，我想說，在一個非常不確定的環境中，我們的積壓情況良好。我們正在贏得我們的份額。我們尚未安裝的資產服務業務簿是健康而強大的。

And our next question will come from Alex Blostein with Goldman Sachs.

我們的下一個問題將來自高盛的 Alex Blostein。

Just a quick follow-up first maybe around the deposit discussion. So Dermot, if I hear you correctly, no kind of catch-up from the back book that you expect to see in your deposit pricing for the rest of the year. But I guess if we look at the deposit beta over the course of this quarter, it looks like it was pretty close to 100% on a currency adjusted basis. Maybe help us break down the deposit cost in U.S. and non-U.S. and maybe the type of -- what kind of deposit pressure and client conversations are you seeing in the kind of different regions?

首先可能圍繞存款討論進行快速跟進。因此，德莫特，如果我沒聽錯的話，您預計今年剩餘時間的存款定價不會出現任何追趕的情況。但我想，如果我們看看本季度的存款貝塔值，在貨幣調整後的基礎上，它看起來非常接近 100%。也許可以幫助我們分解美國和非美國的存款成本，也許您在不同地區看到什麼樣的存款壓力和客戶對話？

So on the catch-up, Alex, I would say -- when we talked about this last quarter, we kind of said our Q1 results were kind of largely a little bit of the price lag there, which we feel is largely behind us, and that catch-up has happened in Q2. So overall, I think we feel pretty good about the catch-up.

所以，關於追趕，亞歷克斯，我想說 - 當我們談論上個季度時，我們有點說我們第一季度的結果很大程度上是價格滯後的一點，我們覺得這很大程度上落後於我們，這種追趕發生在第二季度。總的來說，我認為我們對追趕的感覺非常好。

Mid- to high -- cumulative basis are in the mid- to high 70s for dollars. And look, it's reasonable to expect that they will continue to grind higher from here, but I would say no meaningful change.

中高——美元的累積基礎在 70 年代中高。看，有理由期望他們將從這裡繼續走高，但我想說沒有任何有意義的變化。

If you take the overall deposit book in total, it's largely a dollar-based book, 80% dollars and then 10% split between euros and sterling. And the betas for sterling and euros are roughly in the kind of 50% to 60% range.

如果你看一下整個存款簿的總數，它主要是一個以美元為基礎的存款簿，其中 80% 是美元，然後 10% 是歐元和英鎊。英鎊和歐元的貝塔值大致在 50% 到 60% 的範圍內。

And then I'll just reiterate like the point, and I think it's a very important point. The deposit book is largely institutional, sophisticated clients. And we've really repriced our book quite efficiently over the last 1.5 years, and that's really the message I'd like to leave you with.

然後我會重申這一點，我認為這是非常重要的一點。存款賬戶主要是機構、成熟的客戶。在過去的 1.5 年裡，我們確實非常有效地重新定價了我們的書，這確實是我想留給您的信息。

Makes sense. And then, Robin, a question for you, maybe a little bit more on the strategic side. When we look at the Investment Management business at BNY Mellon, there are some areas that one could maybe characterize as sort of subscale. The organic growth has been muted, and obviously, margins is something you guys, as previously said, need to sort of work on. So are there any strategic areas where you feel like you could address some of these issues by either divesting or adding scale to businesses that are subscale? So just kind of thinking more holistically about that business in the context of BNY Mellon.

說得通。然後，羅賓，問你一個問題，也許更多的是戰略方面的問題。當我們審視紐約梅隆銀行的投資管理業務時，我們發現有些領域可能屬於次級規模。有機增長已經減弱，顯然，正如之前所說，利潤率是你們需要努力的地方。那麼，您認為在哪些戰略領域可以通過剝離規模較小的業務或擴大規模來解決其中一些問題？因此，只需在紐約梅隆銀行的背景下更全面地思考該業務即可。

Thanks for the question, Alex. Obviously, this is an area, a segment we spend a lot of time on. Just to remind you, we did a series of strategic reviews all across the company. Going back over the course of the past 9 months, we've looked at every function, we've looked at every business. And we did spend a particular amount of time digging in to our Investment and Wealth Management segment.

謝謝你的提問，亞歷克斯。顯然，這是我們花費大量時間的一個領域、一個部分。只是提醒您，我們在整個公司範圍內進行了一系列戰略審查。回顧過去 9 個月的過程，我們研究了每一項職能，研究了每一項業務。我們確實花了相當多的時間來深入研究我們的投資和財富管理領域。

Look, in terms of IM in particular, if you think about it as part of the IWM segment, 2 years ago, that whole segment was a 30% pretax margin segment. There's no reason to think we couldn't get back there over time. But there are a series of different things that we have set out to do ourselves. And so the execution of all of that is going to be really important.

看，特別是在 IM 方面，如果你將其視為 IWM 細分市場的一部分，那麼 2 年前，整個細分市場的稅​​前利潤率為 30%。沒有理由認為隨著時間的推移我們不能回到那裡。但我們已經開始著手做一系列不同的事情。因此，所有這些的執行將非常重要。

There's going to be a combination of improving top line, what you'd expect in terms of really focused on meeting client needs, strong investment performance, new products, et cetera, and also some of the de-siloing and expense management that's really in there. But the thing I'm going to call out to you, which I really think of as the BNY Mellon superpower, and I think everyone needs to have a superpower these days, in Investment Management is our distribution.

將會有一系列的改進，包括提高收入、真正專注於滿足客戶需求、強勁的投資業績、新產品等等，以及一些真正重要的去孤島和費用管理。那裡。但我要向你們指出的是，我真的認為紐約梅隆銀行的超級大國，而且我認為現在每個人都需要在投資管理領域擁有一個超級大國，那就是我們的分佈。

And so that's a place where strategy for the whole company really meets strategy for Investment Management because if you step back from the way that we were organized, Investment Management was its own silo in the company and, frankly, a bit landlocked over there in its silo. But our distribution capabilities, $2.5 trillion worth of retail distribution as one example, but obviously, we have other distribution as well in the company on the institutional side, was separately landlocked over in a different corner of the company.

因此，這是整個公司的戰略真正符合投資管理戰略的地方，因為如果你從我們的組織方式退一步來看，投資管理在公司中有自己的孤島，坦率地說，那裡有點內陸。筒倉。但我們的分銷能力，例如價值 2.5 萬億美元的零售分銷，但顯然，我們在公司的機構方面還有其他分銷，分別位於公司的另一個角落。

So our plan here is really to lean in to what we think of as one of our superpowers, distribution, and then allow the business in this newly configured format to really be able to stretch its legs in this non-siloed format and then go from there. And we think that, that's a good path forward.

因此，我們的計劃實際上是依靠我們認為的超級力量之一——分銷，然後讓這種新配置格式的業務真正能夠以這種非孤立的格式伸展自己的腿，然後從那裡。我們認為，這是一條很好的前進道路。

And we'll take a question from Betsy Graseck with Morgan Stanley.

我們將回答摩根士丹利 (Morgan Stanley) 的貝特西·格拉塞克 (Betsy Graseck) 提出的問題。

I know we talked a lot about deposits, but I did just want to drill down on how you're thinking about the life of the deposits. And is that at all changed versus history? And part of the reason for asking is just trying to understand if there's any impact on the securities portfolio as you put those -- that deposit flow to work.

我知道我們談論了很多關於存款的問題，但我只是想深入了解您如何看待存款的壽命。與歷史相比，這是否發生了改變？提出這個問題的部分原因只是想了解當您投入這些資金流時，是否會對證券投資組合產生任何影響。

When you say life of deposit, Betsy, do you mean like tenor and duration of the deposit that stays with us, just to clarify the question?

貝特西，當您說存款期限時，您的意思是指留在我們這裡的存款的期限和期限，只是為了澄清這個問題嗎？

Yes, how you -- what you are assuming the life of the deposit is because I'm expecting that drives how you're investing those deposits.

是的，你對存款壽命的假設是因為我預計這將決定你如何投資這些存款。

Okay. So let me start like talking about the $277 billion of average balance sheet that we have. Important point number one, 2/3 of those deposits are operational or what we call sticky. Here at BNY Mellon, we don't classify between insured and uninsured. We call it sticky and nonsticky. So the vast majority of our deposits are with us because the clients are in our ecosystem for the long term and need to have cash with us to execute their business. So that's why we think about it in that way.

好的。首先讓我談談我們擁有 2,770 億美元的平均資產負債表。重要的第一點是，這些存款中有 2/3 是可操作的，或者我們所說的粘性存款。在紐約梅隆銀行，我們不區分有保險和無保險。我們稱之為粘性和非粘性。因此，我們的絕大多數存款都存在我們這裡，因為客戶長期處於我們的生態系統中，需要在我們這裡擁有現金來執行他們的業務。這就是我們這樣思考的原因。

On the asset side of the balance sheet, like I would like to go back 18 months when we kind of made some strategic decisions about positioning for this rise in interest rates. We took a view in terms of how we wanted to set up the balance sheet with a rapid increase in interest rates. And so we've done a lot of work last year in terms of repositioning the portfolio in terms of higher for longer.

在資產負債表的資產方面，我想回到 18 個月前，當時我們就針對利率上升的定位做出了一些戰略決策。我們考慮瞭如何在利率快速上升的情況下建立資產負債表。因此，我們去年在重新定位投資組合方面做了大量工作，以實現更高、更長期的目標。

60% of our portfolio is in AFS. And a big part of that is -- 60% of the portfolio is also fixed. That has a weighted average maturity of about 4 years. So think of about rolling off a quarter every year. So if you take on the asset side, the amount of money that we have in cash plus the amount that's rolling off from fixed to floating, and the investment yield pickup of that is about 300 basis points. We feel when you look at both assets and liability together combined, we're really well positioned over the next 12 to 18 months to manage through this rate environment.

我們的投資組合 60% 屬於 AFS。其中很大一部分是——投資組合的 60% 也是固定的。加權平均期限約為 4 年。因此，考慮每年滾動一個季度。因此，如果你考慮資產方面，我們擁有的現金金額加上從固定利率轉為浮動利率的金額，以及投資收益率的上升約為 300 個基點。我們認為，當您將資產和負債結合起來時，我們確實有能力在未來 12 至 18 個月內應對這種利率環境。

Okay. And you would say that the deposits already reflect the rates that obviously have come through to date, right?

好的。您可能會說存款已經反映了迄今為止顯然已達到的利率，對嗎？

Largely, yes, absolutely, which is why cumulative basis are in the mid- to high 70s. And we expect them to grind a little bit higher from here. But we -- as I've said, we pay our clients a competitive rate. And they are sophisticated, and they know what they're doing.

很大程度上，是的，絕對如此，這就是為什麼累積基數在 70 多歲左右。我們預計他們會從現在開始走得更高一些。但正如我所說，我們向客戶支付有競爭力的價格。他們很老練，他們知道自己在做什麼。

Yes. Okay. And then just a separate question on op risk RWA. Next week, I guess, we're getting the Basel III end-game rules. And just wondering, I know we don't have the final rule, but I'm sure you've thought a lot about this, op risk RWA component that's being added to standardized. Maybe you can give us a sense as to how you're thinking through and how we should think through assessing your position when those rules come out next week.

是的。好的。然後是一個關於操作風險 RWA 的單獨問題。我想，下週我們將獲得巴塞爾協議 III 的最終規則。只是想知道，我知道我們沒有最終規則，但我相信您已經對這個被添加到標準化中的操作風險 RWA 組件進行了很多思考。也許你可以讓我們了解一下你是如何思考的，以及當這些規則下週出台時我們應該如何評估你的立場。

So again, look, we've talked about this pretty much for the last 12 months. So just to kind of recap what we've said before, based on what we know, we expect operational risk RWAs to be in the Standardized Approach, and that will drive an increase in our standardized RWAs.

再說一遍，過去 12 個月我們已經多次討論過這個問題。因此，回顧一下我們之前所說的，根據我們所知，我們預計操作風險 RWA 將採用標準化方法，這將推動我們標準化 RWA 的增加。

Based on our internal analysis, we think that will have a smaller increase than what the QIS has shown in the past. And so we kind of feel like capital levels will be a little bit higher. But we feel we will have the ability to adapt and live with whatever the outcome is.

根據我們的內部分析，我們認為增幅將小於 QIS 過去顯示的增幅。因此，我們感覺資本水平會更高一些。但我們認為，無論結果如何，我們都有能力適應並接受。

But again, it's been delayed a couple of times. So I think for us, we're just waiting to see. And we'll turn it around quickly, and we'll communicate to you when we have something tangible to say.

但同樣，它已經被推遲了幾次。所以我認為對我們來說，我們只是在等著看。我們會迅速扭轉局面，當我們有具體要說的時候，我們會與您溝通。

And our next question will come from Steven Chubak with Wolfe Research.

我們的下一個問題將來自沃爾夫研究中心的史蒂文·丘巴克。

So wanted to dig into noninterest-bearing deposits. They're now firmly within your 20% to 25% guidance or target range. Your peers have offered more conservative guidance on NIB deposit trends. I know some of your businesses in your mix is pretty unique or idiosyncratic, but I wanted to just better understand what's driving the resiliency in NIB trends and your confidence level at that 20% to 25% range is still appropriate.

所以想挖掘無息存款。它們現在牢牢地落在您的 20% 到 25% 指導或目標範圍內。您的同行對 NIB 存款趨勢提供了更為保守的指導。我知道你們的某些業務非常獨特或與眾不同，但我只是想更好地了解推動 NIB 趨勢彈性的因素，以及您在 20% 到 25% 範圍內的置信水平仍然合適。

Okay. Thanks for the question, Steven. Let me again go back to my last call when it was at 26%. And I guess everybody on the call was looking to see why weren't we guiding higher. And we kind of said history has told us that through the cycle and the trough, our history and our experience, and we have data going back 20 years, and we look at that, the history tells us we should be in the 20% zip code.

好的。謝謝你的提問，史蒂文。讓我再回顧一下上次通話時電量為 26% 的情況。我想參加電話會議的每個人都想知道為什麼我們不指引更高的方向。我們說，歷史告訴我們，通過週期和低谷，我們的歷史和經驗，我們有 20 年前的數據，我們看看，歷史告訴我們，我們應該處於 20% 的水平代碼。

So we've done a very much bottoms-up analysis looking at the history. Important point to make here is our mix of businesses today is a little bit more diversified than it was 20 years ago premerger 2007. We have a more diversified range of business, as you said.

因此，我們對歷史進行了非常自下而上的分析。這裡需要強調的一點是，我們今天的業務組合比 20 年前（2007 年合併前）更加多元化。正如您所說，我們的業務範圍更加多元化。

We have Corporate Trust, Treasury Services, Asset Servicing, Clearance and Collateral Management. And each of our clients in each of those business segments use us for different reasons, and deposits behave in a slightly different way within each of those businesses. And the mix between NIB in those businesses varies.

我們提供企業信託、資金服務、資產服務、清算和抵押品管理。每個業務部門的每個客戶都出於不同的原因使用我們，並且每個業務中的存款表現方式也略有不同。這些業務中 NIB 之間的組合也各不相同。

And so that gives us a really good confidence level in terms of the diversified business model nature that we have. So our internal analysis is kind of pretty solid. And then we look at what industry is saying and what you analysts are writing about, and we kind of take that into accommodation, also what other people have guided and what our clients are telling us.

因此，這讓我們對我們擁有的多元化商業模式性質充滿信心。所以我們的內部分析相當可靠。然後我們看看行業在說什麼以及分析師在寫什麼，我們將其納入考慮範圍，還有其他人的指導以及我們的客戶告訴我們的內容。

And we take all of that together, and we kind of feel, at the end of the day, consistent with what we've said in the last 2 quarters is 20% is the best we can give you in terms of through the cycle, which importantly then feeds into our NII guidance of 20% over the course of 12 months. So it's important to remember, it's a 12-month guidance as opposed to managing it quarter-to-quarter.

我們把所有這些綜合起來，我們覺得，最終，與我們在過去兩個季度所說的一致，20% 是我們在整個週期中可以給你的最好的，重要的是，這將納入我們 12 個月內 20% 的 NII 指導。因此，請務必記住，這是一個為期 12 個月的指導，而不是按季度進行管理。

That's really helpful. And just for my follow-up, encouraging to see the 30% margin for Securities Services this quarter. That said, the IWM margin remains subdued, running in the low teens year-to-date.

這真的很有幫助。對於我的後續行動，令人鼓舞的是本季度證券服務的利潤率為 30%。儘管如此，IWM 利潤率仍然低迷，今年迄今一直處於低位。

I know, Robin, you had talked about distribution being a big focus, but what do you see as an achievable target versus that low teens level you're running at today? And how much of that margin improvement is contingent on revenue opportunities like improved distribution versus efficiency gains?

我知道，羅賓，您曾談到分銷是一個重點，但與您今天所達到的青少年水平相比，您認為可實現的目標是什麼？利潤率的提高有多少取決於收入機會，例如分銷的改善與效率的提高？

Sure. So looking at the whole company, the Securities Services margin was 29%. We've given previously the guidance and the target around getting that to 30%. We're very pleased with the progress.

當然。因此，縱觀整個公司，證券服務利潤率為 29%。我們之前已經給出了將其提高到 30% 的指導和目標。我們對進展感到非常滿意。

But there's no question that we've had some sort of easier tailwinds in the form of rates, and we have to continue to get after this deliberate cost to serve. And so I just put that as a footnote on the Securities Services point. We are laser-focused on continuing to drive that margin higher. We're not complacent about this at all just because it happens to be approaching our original target.

但毫無疑問，我們已經以費率的形式獲得了一些更容易的順風車，我們必須繼續追求這種刻意的服務成本。所以我只是將其作為證券服務點的腳註。我們專注於繼續提高利潤率。我們並不會因為它恰好接近我們最初的目標而沾沾自喜。

But look, on Investment Management, and this goes a little bit to the prior question, 2 years ago, this was a 30% pretax margin segment. So we look around the world, we look at what's happened, how has it come down the various quarters, some of which is obviously a little bit cyclical. And our conclusion is we don't see any reason why we couldn't get back there. But execution comes in a bunch of different pieces, as I touched on before, and we really have to get after that execution.

但是看一下，在投資管理方面，這有點接近之前的問題，2 年前，這是一個 30% 的稅前利潤率部分。因此，我們環顧世界，看看發生了什麼，各個方面的情況如何，其中一些顯然有點週期性。我們的結論是，我們看不出有任何理由不能回到那裡。但正如我之前提到的，執行是由許多不同的部分組成的，我們確實必須在執行之後完成。

And I think for me, this point about the superpower of distribution, remembering that we are a diversified set of businesses at BNY Mellon. And we've had these tremendous distribution capabilities, which we have really not put alongside this Investment Management manufacturing capability as well as we could have. And so that's a strategic change in the company.

我認為對我來說，這一點是關於分銷的超級力量，請記住，我們是紐約梅隆銀行的多元化業務部門。我們擁有這些巨大的分銷能力，但我們確實沒有將其與投資管理製造能力相提並論。這是公司的戰略轉變。

And as we pursue that strategic change, and it will take a little while, that, we think, is going to have some important opportunity. I'll also call out the expenses. I've talked to you before about the fact that one of the other problems with silos as well as not bringing all of our company to bear on problems is the fact that we have duplicate costs.

當我們追求這一戰略變革時，這將需要一段時間，我們認為，這將有一些重要的機會。我也來報一下費用。我之前曾與您討論過這樣一個事實，即孤島的其他問題以及沒有讓我們公司所有人員共同解決問題的事實是我們有重複的成本。

And Investment Management is a great example of this. We have, in our Investment Management central team, additional expense that duplicates to the rest of the firm. And we can find better ways of bringing those capabilities together to actually execute better. So there's opportunity there as well.

投資管理就是一個很好的例子。我們的投資管理中心團隊有額外的費用，這些費用會重複到公司的其他部門。我們可以找到更好的方法將這些能力結合在一起，從而更好地執行。所以那裡也有機會。

So collectively, we're going to pursue all of these things. It's going to take us a couple of years realistically to see all of the benefit of all of this work, but we feel reasonably optimistic about our path forward here. And of course, we're going to continue to report it, and we'll keep you updated as we go on the journey.

因此，我們將共同追求所有這些目標。我們實際上需要幾年的時間才能看到所有這些工作的所有好處，但我們對我們前進的道路感到相當樂觀。當然，我們將繼續報告這一情況，並在旅途中隨時向您通報最新情況。

And our next question will come from Glenn Schorr with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Glenn Schorr。

So the FedNow platform has started for interbank payments. I'm assuming you're going to be playing a big role in this, but I'm curious what you think the expected impact for the industry and for BK is. Like these things are usually good for expenses, good for capital efficiency but bad for revenue. But I'm just curious if you can tell us what you think.

因此，FedNow 平台已啟動銀行間支付。我假設您將在其中發揮重要作用，但我很好奇您認為對行業和 BK 的預期影響是什麼。像這些東西通常有利於支出，有利於資本效率，但對收入不利。但我只是好奇你能否告訴我們你的想法。

Sure. So immediate payments, which is the umbrella I'll put both FedNow, which is the new service coming into production from the Fed, and also the clearinghouses' real-time payments rails, that the whole immediate payments world does to us represent an interesting disruption opportunity in the ecosystem of payments because there hasn't been a ton of disruption over the course of the past sort of 20-or-so years.

當然。因此，即時支付，我將把 FedNow（美聯儲即將推出的新服務）和清算所的實時支付軌道放在一起，整個即時支付世界對我們來說代表著一個有趣的領域。支付生態系統中存在顛覆機會，因為在過去 20 多年的時間裡並沒有發生大量顛覆。

And so when these evolutions occur, we see that as an opportunity because we've been a bit underrepresented. Although we're the seventh largest U.S. dollar payments clearer, we feel a bit underrepresented in some parts of the flows of that ecosystem.

因此，當這些演變發生時，我們認為這是一個機會，因為我們的代表性有點不足。儘管我們是第七大美元支付清算機構，但我們感覺在該生態系統流量的某些部分的代表性有點不足。

So we've deliberately invested to be ready as a market-leading participant in the real-time immediate payments, let's call it, evolution. So yes, we think it's important. Yes, we think it's an opportunity.

因此，我們特意進行了投資，準備成為實時即時支付（我們稱之為進化）的市場領先參與者。所以是的，我們認為這很重要。是的，我們認為這是一個機會。

We were the first bank to do a test in the original rails. We've seen good traction. It's still early days. I think FedNow will be a bit of an accelerant to this because it creates more awareness of real-time payments, and it broadens out the overall sort of participation rate, I think.

我們是第一家在原始軌道上進行測試的銀行。我們已經看到了良好的牽引力。現在還為時尚早。我認為 FedNow 將對此起到一定的促進作用，因為它提高了人們對實時支付的認識，並且擴大了整體參與率。

We've been very involved in them -- with them on this initiative. And we're trying to position our payments platform as rail-agnostic. And so clients of ours can come to us and say, hey, BNY Mellon, I want to make a payment.

我們一直積極參與其中——與他們一起參與這項倡議。我們正試圖將我們的支付平台定位為與鐵路無關。因此，我們的客戶可以來找我們說，嘿，紐約梅隆銀行，我想付款。

They don't need to care about is it going to be FedNow or is it going to be the RTP rails? How do they want to migrate away from checks? How do they want to treat it -- a payment on the Fed wire versus ACH versus one of these new capabilities.

他們不需要關心是 FedNow 還是 RTP 軌道？他們想如何擺脫支票？他們想如何對待它——通過 Fed 電匯支付、通過 ACH 支付、通過其中一項新功能支付。

And remember, we wrap them in new services, so the ability to offer real-time request for payment, bill pay capabilities, the ability to wrap additional fraud services in this whole thing, we think this will be quite an interesting evolution.

請記住，我們將它們包裝在新的服務中，因此能夠提供實時付款請求、賬單支付功能、在整個事情中包裝額外的欺詐服務的能力，我們認為這將是一個非常有趣的演變。

And to your point about volumes versus price, one of the good things about being a disrupter when you don't have as big a share of some of the credit card flows and some of those other things, which admittedly have a higher price on them, we aren't. So we get the opportunity to bring this unconflicted approach and benefit from the upside, frankly, without sacrificing much on the other side.

就你關於數量與價格的觀點而言，當你在某些信用卡流量和其他一些東西中沒有那麼大的份額時，成為顛覆者的好處之一是，誠然，這些東西的價格更高，我們不是。因此，坦率地說，我們有機會採用這種不衝突的方法，並從好處中受益，而無需在另一方面做出太多犧牲。

Very interesting. Separate but related, I think you guys have done a very good job of taking that 20% net interest income growth you expect this year, offsetting a couple of percent expense growth and bringing that operating leverage.

很有意思。單獨但相關的是，我認為你們今年的淨利息收入增長預期達到了 20%，抵消了幾個百分點的費用增長，並帶來了運營槓桿，你們做得非常好。

I'm trying to think out loud. The mid- to high single-digit expected deposit decline in the back half makes for a tougher full year '24. So even with good expense control, I guess my question is, how much do you need more of those -- get clients to do more with Bank of New York cross-selling mentality to kick in to produce that operating leverage next year?

我正在嘗試大聲思考。下半年預期存款下降幅度為中高個位數，使得 24 年全年更加艱難。因此，即使有了良好的費用控制，我想我的問題是，你還需要多少這樣的東西——讓客戶利用紐約銀行的交叉銷售心態做更多的事情，以在明年產生運營槓桿？

So look, that's a kind of a crystal ball-type question, Steven (sic) [Glenn]. So I think it's a bit too early for us to comment on '24. There are 3 parts to the question is like one BNY Mellon client franchise, we go at it every single day with incredible intensity. We want clients to do more with us across different parts of the firm, and we're really working hard at that.

所以，瞧，這是一種水晶球式的問題，史蒂文（原文如此）[格倫]。所以我認為現在對 24 進行評論還為時過早。這個問題分為三個部分，就像紐約梅隆銀行的客戶特許經營權一樣，我們每天都以令人難以置信的強度來解決這個問題。我們希望客戶在公司的不同部門與我們一起做更多的事情，我們正在為此努力。

The second point is expenses. Two quarters in, we're very pleased with where we are. We like the forward in terms of how we're executing and how the firm has set up to execute. I would remind you, like this time last year, we conducted a bottoms-up exercise where we took 1,500 ideas across the company from all our team members around the world, put a bit of investment dollars behind it, digitization, automation and eliminating manual processes. And in the expenses flat quarter-over-quarter, you're beginning to see the dividends of that paying through.

第二點是費用。兩個季度過去了，我們對目前的情況非常滿意。我們喜歡我們的執行方式以及公司的執行方式方面的進展。我想提醒您，就像去年的這個時候，我們進行了一次自下而上的練習，我們從全球各地的所有團隊成員那裡收集了全公司的 1,500 個想法，並在其背後投入了一些投資，數字化、自動化並消除了手動操作流程。在支出環比持平的情況下，你開始看到股息的支付。

And importantly, in my prepared remarks, I said that we funded the entirety of our investment plan for the second quarter from efficiency, and we expect that to continue over the medium term. And then NII, we'll just prepare as we go. And the outlook is uncertain, but we'll manage through it.

重要的是，在我準備好的講話中，我說過我們第二季度的全部投資計劃都來自效率，我們預計這種情況將在中期內持續下去。然後NII，我們就邊走邊準備。前景是不確定的，但我們會渡過難關。

Glenn, I'll add one thing to that, which is as you look across our strategy, we were very clear at the beginning of the year about what we wanted to achieve this year. We set out these 3 points of our outlook, our guidance for 2023.

格倫，我要補充一件事，那就是，當你審視我們的戰略時，我們在年初就非常清楚今年想要實現的目標。我們提出了 3 點展望和 2023 年指導。

And of course, the year is always going to evolve a little differently than you imagine it will right at the beginning of the year. And we've certainly had a year like that this year, where we've had unexpected things happening in all quarters of financial markets.

當然，這一年的發展總是會與你年初想像的有所不同。今年我們確實經歷了這樣的一年，金融市場的各個方面都發生了意想不到的事情。

And so what we have done is we stuck very deliberately to our medium-term plan. And we've not allowed ourselves -- well, we manage every quarter, of course, deliberately every individual thing that we're doing every day, generating more fees, focused on NII, focused on expenses. What we're really doing is preparing our company for this medium- and longer-term journey of delivery and achieving our objectives.

因此，我們所做的就是非常刻意地堅持我們的中期計劃。我們不允許自己——嗯，我們每個季度都會管理，當然，我們每天都會刻意地管理每一件事，產生更多的費用，專注於 NII，專注於支出。我們真正要做的是讓我們的公司為這一中長期交付之旅做好準備並實現我們的目標。

And so there are always going to be a little bit of pluses and minuses in the quarter. But we really think that, that sort of broader strategy is what we're about, just deliberately executing and bringing the culture to bear. So I hear you on the next couple of quarters, but I would just continually remind you and put you back to that guidance that Dermot mentioned about what we're trying to do this year.

因此，本季度總會有一些優點和缺點。但我們確實認為，這種更廣泛的戰略就是我們的目標，只是刻意執行並將文化發揮作用。因此，我會在接下來的幾個季度聽到您的聲音，但我會不斷提醒您，並讓您回到德莫特提到的關於我們今年要做的事情的指導。

And we have a question from Ebrahim Poonawala with Bank of America.

我們有美國銀行易卜拉欣·普納瓦拉 (Ebrahim Poonawala) 提出的問題。

Just had a follow-up, Dermot, on the NII side. So heard everything that you talked about. You've done a good job in terms of forecasting NII and depositor behavior. Give us a sense of if we don't get any rate cuts over the next 12 months, where does NII trough, given the repricing on the security side that you expect and assuming no big surprises on deposits relative to your current expectations. Just is there a natural trough to NII without -- before we bake into it any Fed moves?

剛剛在 NII 方面進行了後續行動，Dermot。所以聽到了你所說的一切。您在預測 NII 和儲戶行為方面做得很好。讓我們了解一下，如果我們在未來 12 個月內沒有任何降息，NII 的低谷會在哪裡，考慮到您預期的安全方面的重新定價，並假設相對於您當前的預期，存款不會出現大的意外。在美聯儲采取任何行動之前，NII 是否會出現一個自然的低谷？

So look, the path of -- it's a difficult question. The path of interest rate matters, yes, level of rates, timing. If you look at the last 8 months, the market, broadly speaking, hasn't got it right relative to Fed dot and has now come into line over the last several weeks.

所以看，這是一個很難回答的問題。利率的路徑很重要，是的，利率水平、時機都很重要。如果你看看過去 8 個月的情況，總體來說，市場相對於美聯儲的點還沒有達到正確的水平，但現在已經在過去幾週內趨於一致。

I think the 2 things that I'm looking at are -- it's pretty baked in that the Fed will hike in July. Then you have Jackson Hole. That's going to be a very important meeting. And then what happens in November because if it's one hike every 2 meetings, between July and November is a long time, and there will be a lot of data in that period. And so if they pass on November, it's going to be very hard for them to restart again.

我認為我正在關注的兩件事是——美聯儲將在 7 月加息，這一點已經非常確定了。然後就是傑克遜霍爾。這將是一次非常重要的會議。然後11月會發生什麼，因為如果是每2次加息一次，7月到11月之間的時間很長，這段時間會有很多數據。因此，如果他們在 11 月通過，他們將很難再次重新開始。

So I think when we look at our balance sheet, we positioned it higher for longer. And that kind of has informed our guidance of 20% for this year. And the book over the next 12 months, 12 to 18 months, we're broadly neutral on the outcome for rates up a little bit or rates down a little bit, and that's kind of how we think about it.

所以我認為，當我們審視我們的資產負債表時，我們將其定位在更高的位置，時間更長。這就是我們今年 20% 的指導方針。在接下來的 12 個月、12 到 18 個月裡，我們對利率小幅上調或利率下調的結果大致持中立態度，這就是我們的想法。

Got it. And I guess just one follow-up maybe, Robin, you made efficiency improvement a huge focus for the last year or 2. And as we think about -- and without sort of asking for guidance into next year, as we think about these efficiency benefits to the bottom line, should we think about it in increments much like you achieved it this year? Or should we expect a larger move at some point as you had the time to assess operations and maybe we see something larger next year or so?

知道了。我想也許只有一個後續行動，羅賓，你在過去一年或兩年裡把效率提高作為一個巨大的焦點。正如我們所思考的，並且沒有要求明年的指導，當我們思考這些效率時對於利潤的好處，我們是否應該像您今年所實現的那樣以增量的方式來考慮它？或者我們是否應該預期在某個時候會出現更大的變動，因為您有時間評估運營情況，也許我們會在明年左右看到更大的變動？

It's an important question, Ebrahim. And I'm going to frame it slightly differently to you, which is we are focused on things that are going to be relatively quick wins associated with cleaning things up that we thought were inefficient. And we've also laid out for ourselves a series of medium-term things and a series of long-term things. And so we have a variety of initiatives in each of those buckets.

這是一個重要的問題，易卜拉欣。我的框架與你們略有不同，我們專注於那些相對快速獲勝的事情，這些事情與清理我們認為效率低下的事情相關。我們還為自己制定了一系列中期的事情和一系列長期的事情。因此，我們在每個方面都有各種各樣的舉措。

Of course, we've been executing on them in parallel, but you only see the benefits of some of the shorter-term things right now. So Dermot gave you the example of the ideas that our people generated, and we're going after those. And we said those were sort of a 3-year-or-so implementation to get after that.

當然，我們一直在並行執行它們，但您現在只能看到一些短期事物的好處。德莫特向您提供了我們員工產生的想法的例子，我們正在追求這些想法。我們說過，在那之後需要 3 年左右的時間才能實現。

We've talked about the fact that we did some work, some delayering in the organization at the end of last year into the beginning of this year, which has been quite helpful. That's also been a slightly shorter-term thing.

我們談到了這樣一個事實，即我們在去年底到今年年初做了一些工作，在組織中進行了一些拖延，這非常有幫助。這也是一個稍微短期的事情。

At the same time, we're looking very deliberately and remembering that we are essentially a diversified financial services company because all of these different businesses that we have, and we have a lot of embedded platforms within that, platforms that have been operated in sort of nonplatform ways as a result of our sort of slightly siloed past.

與此同時，我們非常謹慎地審視並記住，我們本質上是一家多元化的金融服務公司，因為我們擁有所有這些不同的業務，並且我們在其中有很多嵌入式平台，這些平台已按某種方式運營由於我們過去的經歷有點孤立，所以出現了非平台方式。

So now we're getting after organizing those things a little bit differently. And as we organize that, there'll be some expense benefit from that. But also then having organized them in that way, we get to really deliberately go after the duplication of systems and processes that are inside the company. And that's also when we really get to go after the digitization.

所以現在我們以稍微不同的方式組織這些事情。當我們組織起來時，將會從中獲得一些費用收益。但以這種方式組織它們後，我們就可以真正刻意地追求公司內部系統和流程的重複。這也是我們真正開始追求數字化的時候。

So it's harvesting a little bit for the short term, focused on the things that we think make the company a well-run company, organizing ourselves to be able to structurally operate ourselves as we think of the company and then harvesting the benefit of that. So there's a 1-year story, a 2-, 3-, 4-, 5-year story associated with doing all of those things.

因此，它在短期內有所收穫，專注於我們認為使公司成為一家運營良好的公司的事情，組織我們自己，以便能夠按照我們對公司的看法進行結構性運營，然後收穫其中的好處。因此，有一個與完成所有這些事情相關的 1 年故事、2 年、3 年、4 年、5 年故事。

But as with everything, we have to execute it really well. And we want our people to come along with us on that journey because a lot of this is change of behavior from how people have worked in the past, which is why we have a strategy. We're laser-focused on the execution, and culture really matters.

但就像所有事情一樣，我們必須很好地執行它。我們希望我們的員工與我們一起踏上這段旅程，因為這很大程度上是人們過去工作方式的行為改變，這就是我們制定戰略的原因。我們專注於執行，而文化確實很重要。

And we have a question from Ken Usdin with Jefferies.

肯·烏斯丁 (Ken Usdin) 向杰弗里斯 (Jefferies) 提出了一個問題。

Just a follow-up, to your point about being able to beat that expense expectation for the year and in reaction to a little bit different outcome on the fees than initially expected, I just wonder if you could just talk to us about both sides of that. Number one, the beating on the expense side, is that doing anything incremental in terms of either the severance effects or delaying investments? Or is it just the core?

只是一個後續行動，就您關於能夠超過今年的費用預期以及對費用結果與最初預期略有不同的反應而言，我只是想知道您是否可以與我們談談雙方的情況那。第一，費用方面的打擊，是否在遣散費或延遲投資方面採取了任何增量措施？或者說這只是核心？

And on the fees side, I'm just wondering if you can kind of catalog for us which businesses have underperformed a little bit. And do you have a better line of sight for a better rate or change for those going forward?

在費用方面，我只是想知道您是否可以為我們列出哪些企業表現不佳的目錄。您是否有更好的視野來為未來提供更好的利率或變化？

Okay. So I'll take that on the expense side. So like the guidance was 4%, okay? So -- and that's kind of down from 8% ex notables, ex currency, important point to kind of stress there. And so then it's like it really comes down to executing an operational excellence in everything that we do on all the points that Robin made and I think the Executive Committee and the firm and the team coming together and seeing that it can be done in a different way and then executing on that.

好的。所以我會從費用方面考慮。所以指導值是 4%，好嗎？所以——這比 8% 的前名人、前貨幣有所下降，這是壓力的重要一點。因此，這實際上歸結為在羅賓提出的所有觀點上，我們所做的每一件事都執行卓越的運營，我認為執行委員會、公司和團隊齊心協力，看到它可以以不同的方式完成。方式，然後執行。

If you double-click into different businesses, and let's take the Market and Wealth Services segment for a second, that's a segment that has a mid-40% margin. We're growing that segment. We're investing in that segment. We're putting big budget dollars to work there, and that's evidenced by our launch of Wove.

如果雙擊不同的業務，讓我們先看看市場和財富服務細分市場，該細分市場的利潤率為 40% 左右。我們正在擴大這個細分市場。我們正在投資該領域。我們投入了大量的預算資金在那里工作，我們推出的 Wove 就證明了這一點。

If you go to our Securities Services segment, that is about increasing our margin through the cycle to 30%. And within that, we're insanely focused on our cost to serve, automation, digitization, serving our clients in a more differentiated way that brings down our cost to serve. So it does mean different things to different businesses at different points in the cycle. Plus in the first instance, it's all about how we show up and how we execute.

如果你去看看我們的證券服務部門，那就是將整個週期的利潤率提高到 30%。其中，我們非常關注服務成本、自動化、數字化，以更加差異化的方式為客戶提供服務，從而降低我們的服務成本。因此，對於處於週期不同階段的不同企業來說，這確實意味著不同的事情。另外，首先，關鍵在於我們如何表現和如何執行。

On the fees, I think generally, we feel very good about our backlog. We feel very good about the pipeline. We're winning our share of what the market has to offer, and our clients like what we have to offer. So on the forward, we feel we have excellent momentum, and we're executing well with our clients.

關於費用，我認為總的來說，我們對積壓的訂單感覺非常好。我們對管道感覺非常好。我們正在贏得市場份額，我們的客戶也喜歡我們提供的產品。因此，展望未來，我們認為我們擁有良好的勢頭，並且我們與客戶的執行情況良好。

And moving on to Brian Bedell with Deutsche Bank.

接下來是德意志銀行的布萊恩·比德爾 (Brian Bedell)。

Most of my questions have been asked and answered. But maybe just a follow-on on the ONE BNY Mellon initiative. Maybe on the revenue side of that, it sounds like, obviously, there's a lot of low-hanging fruit on the cost side that will run well over the next 1 to 2 years. But on the revenue side of that, I guess, how would you -- just in a comparison perspective relative to expenses, how would you cite the revenue potential for ONE BNY over the next couple of years? And if you can point to any one early example of cross-sell traction.

我的大部分問題都已被提出並得到解答。但也許只是 ONE BNY Mellon 計劃的後續行動。也許在收入方面，聽起來顯然在成本方面有很多容易實現的目標，這些目標將在未來一到兩年內順利實現。但在收入方面，我想，僅從相對於支出的比較角度來看，您會如何引用 ONE BNY 在未來幾年的收入潛力？如果您能指出任何一個交叉銷售牽引力的早期例子。

Sure. So let me -- Brian, I'm going to split this into 2 pieces. So one is specifically on ONE BNY Mellon, which we think of as increasing wallet share with our clients, being able to do more with existing clients, also attract new clients, of course, to the platform and sort of dealing with this issue that the median client at BNY Mellon is a consumer products from one of our businesses.

當然。所以讓我——布萊恩，我要把它分成兩部分。因此，其中一個是專門針對 ONE BNY Mellon 的，我們認為這是增加客戶的錢包份額，能夠與現有客戶做更多的事情，當然也吸引新客戶到該平台並處理這個問題，紐約梅隆銀行的中位客戶是我們其中一家業務的消費品客戶。

So that started as an initiative. If I really look back to the very origin of it, it was almost a bit of a movement. So it was a heart-to-mind exercise around getting people focused on the fact that this was an opportunity. And that was a good way to start.

所以這是一個倡議。如果我真的回顧它的起源，這幾乎是一場運動。因此，這是一次心與心的練習，讓人們關注這是一個機會這一事實。這是一個很好的開始。

We set ourselves targets for 2022. We exceeded them. We set ourselves targets for 2023. By the way, we've achieved 80% at the half year mark, 80% of our full year sales targets for that initiative, and at least 50% of our sales force has made at least one referral. So we feel good about the way that we started.

我們為自己設定了 2022 年目標。我們已經超額完成了。我們為自己設定了 2023 年的目標。順便說一句，我們已經實現了半年目標的 80%，全年銷售目標的 80%，並且至少 50% 的銷售人員至少進行了一次推薦。所以我們對我們開始的方式感覺良好。

But as I mentioned in my prepared remarks, actually kind of industrializing that, embedding it into the way that we actually run all of our sales and relationship management groups all across the company, that's the next critical phase of this. And so that's when it becomes part of sales targets and part of the way in which we assess people's performance. And we incentivize them, and we train them.

但正如我在準備好的發言中提到的，實際上將其工業化，將其嵌入到我們在整個公司實際運營所有銷售和關係管理團隊的方式中，這是下一個關鍵階段。因此，它就成為銷售目標的一部分以及我們評估員工績效的方式的一部分。我們激勵他們，培訓他們。

And to enable that, we made an important new hire, and I mentioned Cathinka in my prepared remarks because we needed to put somebody and wrap that strategy deeply into how we actually operate the company. So that's the specific ONE BNY Mellon initiative. We feel very good that, that creates an underlying boost to whatever our growth would have been without that on the new business side.

為了實現這一目標，我們聘請了一位重要的新員工，我在準備好的發言中提到了 Cathinka，因為我們需要任命某人並將該戰略深入納入我們實際運營公司的方式中。這就是 ONE BNY Mellon 的具體舉措。我們感覺非常好，如果沒有新業務方面的增長，這將為我們的增長帶來潛在的推動力。

In addition to that, the point that I made earlier on about de-siloing the company, that has -- we talked about that more through the lens of expenses. But actually, it has an equally important component in terms of growth.

除此之外，我之前提出的關於消除公司孤立的觀點，我們更多地從費用的角度討論了這一點。但實際上，它在增長方面也有同樣重要的組成部分。

And so we're investing in growth in how we actually operate our existing businesses in addition to the new innovations that we've talked about like Pershing X and outsourced trading and others. And so I'll give you a few examples of that.

因此，除了我們討論過的新創新（如 Pershing X 和外包交易等）之外，我們還投資於現有業務實際運營方式的增長。我將舉幾個例子。

Let me give you one good classic example, which is we're a large clearing firm. We're known for having that as one of our businesses, but we actually had 2 institutional clearing platforms at BNY Mellon, one embedded in our Clearance and Collateral Management business and one embedded in our Pershing business.

讓我給你舉一個很好的經典例子，那就是我們是一家大型清算公司。我們以將其作為我們的業務之一而聞名，但實際上我們在紐約梅隆銀行有 2 個機構清算平台，一個嵌入我們的清算和抵押品管理業務，一個嵌入我們的潘興業務。

Now remember, I'm talking about institutions here. So this isn't including the wealth piece in Pershing. And it didn't make any sense. Because we had multiple platforms, clients were confused. We did it in different ways. And so we've taken those 2 businesses, and we combined them. And now we have one institutional clearing business at BNY Mellon. We're in the process of executing that change right now.

現在請記住，我在這裡談論的是機構。所以這不包括潘興的財富。這沒有任何意義。因為我們有多個平台，所以客戶很困惑。我們以不同的方式做到了。所以我們把這兩項業務合併起來。現在我們在紐約梅隆銀行擁有一項機構清算業務。我們現在正在執行該更改。

I can give you the same types of examples around the way that outsourced trading came into being, which was originally landlocked inside Investment Management. We took it out. We aligned it next to our markets business.

我可以為您提供有關外包交易產生方式的相同類型的示例，外包交易最初局限於投資管理內部。我們把它拿出來了。我們將其與我們的市場業務結合起來。

We have another example of that with trading that we do for certain clients where we had multiple examples. So we have a long list of things where we were operating kind of independently. And part of our growth is by bringing those together, yes, we will get benefits in terms of efficiency, but we expect more client business from it, too.

我們還有另一個例子，我們為某些客戶進行交易，我們有多個例子。所以我們有一長串我們獨立運作的事情。我們增長的一部分是通過將這些整合在一起，是的，我們將在效率方面獲得好處，但我們也期望從中獲得更多的客戶業務。

Yes. That's fantastic color. Maybe if I could just finish up on the deposit, one more on the deposit side for you, Dermot. You mentioned that your pricing is already very good. You're not seeing a great deal of pressure on deposit costs other than the grind higher that you cited.

是的。那顏色太棒了。也許我可以把押金付完，德莫特，再給你一筆押金。您提到您的定價已經非常好。除了您提到的更高的壓力之外，您沒有看到存款成本面臨很大的壓力。

Within the Asset Servicing segment specifically, so the Asset Servicing part of Securities Services, are you seeing a different dynamic there whereby clients are looking to either shift out of NIBs or look for better deposit pricing? And then in those contracts that you have, servicing contracts that you have, do you have provisions for embedding sort of a level revenue type of outcome depending on whether they pay [VFC] or compensating balance?

特別是在資產服務領域，即證券服務的資產服務部分，您是否看到了不同的動態，即客戶希望退出NIB或尋求更好的存款定價？然後，在您擁有的那些合同中，您擁有的服務合同中，您是否有規定嵌入某種水平收入類型的結果，具體取決於他們是否支付 [VFC] 還是補償餘額？

So look, Brian, I think you're trying to do a read across. So I think it's not really appropriate for me to kind of get into the detail on any specific business because we aggregate up to the firm and we give you a firm view.

所以，布賴恩，你看，我認為你正在嘗試進行閱讀。因此，我認為我不太適合深入了解任何特定業務的細節，因為我們匯總了公司，並為您提供了堅定的觀點。

So I wouldn't say -- I'm not seeing anything within Asset Servicing as it relates to the mix of IBs and NIBs that would cause me to think there's been an outlier change quarter-over-quarter or something that's unusual and out of line with what we expected at the beginning of the year.

所以我不會說——我在資產服務中沒有看到任何與 IB 和 NIB 混合相關的東西，這會讓我認為季度環比出現了異常變化，或者出現了不尋常的情況。符合我們年初的預期。

And we have a question from Gerard Cassidy with RBC.

我們有來自 RBC 的杰拉德·卡西迪 (Gerard Cassidy) 的提問。

Dermot, earlier Robin pointed out that, obviously, there's going to be a lot of treasury issuance in the second half of the year. Could you guys quantify the benefit or the monetary benefit that you'll see from this type of issuance because you're the primary clearer of treasuries, of course? Is there any way of quantifying that for us?

德莫特，羅賓早些時候指出，顯然，今年下半年將會有大量國債發行。你們能否量化一下從此類發行中看到的收益或貨幣收益，因為你們當然是國債的主要清算者？有什麼方法可以為我們量化嗎？

Well, I'll take that actually, Gerard. So look, when you look across all of our businesses, we recognize that growth comes in lots of different forms and our clients growing their wallet share with us. We can have market appreciation. We can have transaction balances, the total addressable market can go -- there are different ways in which we see opportunity.

好吧，我真的會接受的，杰拉德。因此，當你縱觀我們所有的業務時，我們認識到增長有多種不同的形式，而且我們的客戶與我們的錢包份額也在不斷增長。我們可以有市場升值。我們可以有交易餘額，整個可尋址市場可以發展——我們可以通過不同的方式看到機會。

And in the treasury market, given the role that we play in the treasury market, at the end of the day, more treasuries is a benefit for us because there are more treasuries that get traded in the market. There are more treasuries that need to get funded in the market. There are more treasuries that get issued in the market. So there's a broader set of benefits there.

在國債市場上，考慮到我們在國債市場中扮演的角色，歸根結底，更多的國債對我們來說是有利的，因為有更多的國債在市場上交易。還有更多的國債需要在市場上融資。市場上發行的國債越來越多。因此，那裡有更廣泛的好處。

And you've seen that as we've reported some of our results in Clearance and Collateral Management, which obviously has been a growing business. Now that business isn't only about treasury. It's also about international clearance. It's about global tri-party outside of the U.S. So I don't want you to zero in and only think about that being driven by treasuries. But clearly, treasuries is a market we serve. And so when there are more of them and more activity, we regard that on average as good.

您已經看到了這一點，因為我們已經報告了我們在清算和抵押品管理方面的一些成果，這顯然是一項不斷增長的業務。現在，這項業務不僅僅涉及財務。這也與國際清關有關。這是關於美國以外的全球三方，所以我不希望你把注意力歸零，只考慮由國債驅動。但顯然，國債是我們服務的市場。因此，當它們的數量越多、活動越多時，我們平均認為這是好的。

Very good. I appreciate that. And then, Dermot, you were talking about the balance sheet and how the portfolios, the securities portfolios are positioned going forward, especially if we're in a higher for longer rate environment. What if we get surprised sometime in the spring of '24 and the Fed starts cutting rates? How quickly can you reposition the portfolio for that? Or would you need to do that? Can you give us some color on the opposite of what everybody expects today of higher for longer?

非常好。我很感激。然後，德莫特，您談到了資產負債表以及投資組合、證券投資組合的未來定位，特別是如果我們處於長期利率較高的環境中。如果我們在 24 年春天的某個時候感到驚訝並且美聯儲開始降息怎麼辦？您能多快為此重新調整投資組合？或者你需要這樣做嗎？您能給我們一些關於今天每個人都期望更高更長時間的相反的看法嗎？

The quick answer is a large part of our portfolio is cash, so reprices very quickly up or down. So we kind of think of our balance sheet as broadly neutral. So if they cut by 25 basis points or 50 basis points, we're okay.

簡單的回答是，我們投資組合的很大一部分是現金，因此重新定價會很快上漲或下跌。因此，我們認為我們的資產負債表總體上是中性的。因此，如果他們降息 25 個基點或 50 個基點，我們也沒關係。

I think also our CIO has taken a couple of a little bit of protection on NII for '24 in terms of locking some of the gains in. So I would say, again, to the question a little while ago, we're broadly neutral up or down over the next 12 to 18 months.

我認為我們的 CIO 也對 24 年的 NII 採取了一些保護措施，以鎖定一些收益。因此，我想再次對剛才的問題說，我們基本上是中立的未來 12 至 18 個月內上漲或下跌。

And then just if we were to move into this lower rate environment, because your deposit banners are so high so far year to -- from the beginning to where we are today, I would assume you would be able to cut rates pretty quickly -- deposit rates pretty quickly?

然後，如果我們要進入這種較低利率的環境，因為今年到目前為止，你們的存款橫幅如此之高——從一開始到今天，我認為你們將能夠很快降低利率——存款利率很快嗎？

Symmetrical. 100% accurate. Yes, (inaudible) on the way down and (inaudible) on the way up, yes.

對稱。 100%準確。是的，（聽不清）在下降的過程中，（聽不清）在上升的過程中，是的。

And we have a question from Rob Wildhack with Autonomous Research.

我們有一個來自自治研究中心的 Rob Wildhack 的問題。

I wanted to go back to the theme of fees versus expenses and drill down a little bit into Securities Services and the margin in there. I mean, what portion of the margin improvement you're aiming for do you think will come from sheer expense discipline? And then what portion do you think comes from all the fee opportunities that you're speaking to?

我想回到費用與支出的主題，並深入研究一下證券服務和其中的利潤。我的意思是，您認為您的目標利潤改善的哪一部分將來自純粹的費用紀律？那麼您認為哪一部分來自您所談論的所有收費機會？

So I'm not too sure I would like to give guidance at that granular level of detail. But what I would say is Emily and Roman are intensely focused on delivering a better cost-to-serve model than what we've done in the past. And we want to give clients a better experience with respect to automation, digitization and how we deliver our products to them. And so that is an intent focus of the team.

因此，我不太確定是否願意提供如此詳細的指導。但我想說的是，艾米麗和羅曼非常專注於提供比我們過去所做的更好的服務成本模式。我們希望在自動化、數字化以及如何向客戶交付產品方面為客戶提供更好的體驗。因此，這是團隊的重點關注點。

Also, we feel we have -- we're the world's largest custodian. We're #1 in a lot of different things in the Securities Services space. And so we like our hand. We're winning our share. As I said earlier, our backlog is very strong, and we have a good medium-term opportunity set in front us that we're looking to win and execute on.

此外，我們認為我們是世界上最大的託管人。我們在證券服務領域的許多不同方面都排名第一。所以我們喜歡我們的手。我們正在贏得我們的份額。正如我之前所說，我們的積壓訂單非常多，我們面前有一個很好的中期機會，我們希望贏得併執行它。

Our yet to be installed book of business is very healthy. So I think we're going after the 2 legs with equal intensity, and both will deliver that margin of 30% through the cycle, very important. This quarter, we had a nice healthy pickup from the rate back up. But as Robin has said in an answer to another question, we're just not relying on that. We know we have a lot of work to do, and we're getting about it.

我們尚未安裝的業務簿非常健康。因此，我認為我們將以同等強度追求兩條腿，並且兩條腿都將在整個週期中提供 30％ 的利潤，非常重要。本季度，我們的利率回升，健康良好。但正如羅賓在回答另一個問題時所說，我們只是不依賴這一點。我們知道我們還有很多工作要做，而且我們正在著手解決。

And then just one more on Pershing. Excluding the deconversion, performed pretty well again in terms of net new assets. Can you speak to some of the drivers there, remind us what the revenue impact is and how you're thinking about the pipeline for that business specifically?

然後再講一篇關於潘興的文章。不包括去轉換，就淨新資產而言，表現再次相當出色。您能否與那裡的一些驅動因素談談，提醒我們收入影響是什麼以及您如何具體考慮該業務的渠道？

So I don't want to do a revenue outlook based on the deconversion because I don't think it's right to talk about any single particular client. But what I would say ex the deconversion over the quarter, we had like 4% growth.

因此，我不想根據去轉換來進行收入前景，因為我認為談論任何單個特定客戶都是不正確的。但我想說的是，除本季度的去轉換外，我們的增長率約為 4%。

Pershing is a business that's grown really well over the last number of years. We're very competitive. We're #1, top 3 in different things. And so I would say the feedback from our conference in Florida, INSITE, where we launched Wove, was really, really good. And Robin spoke about this at length in terms of the appetite about Wove.

潘星是一家在過去幾年中發展得非常好的企業。我們很有競爭力。我們在不同方面排名第一、前三。因此，我想說的是，我們在佛羅里達州 INSITE 會議上發布的 Wove 的反饋非常非常好。羅賓在談到對沃夫的興趣時詳細談到了這一點。

So we kind of think over the next several quarters, we like the business momentum. We have a lot of stuff in the pipeline. I think come October, we're going to have a couple of deals that we're going to be able to talk to you about that are quite exciting and will make you feel pretty good.

因此，我們認為在接下來的幾個季度中，我們喜歡業務勢頭。我們有很多東西正在醞釀之中。我想十月到來時，我們將有幾項交易可以與您討論，這些交易非常令人興奮，並且會讓您感覺良好。

And our final question comes from the line of Rajiv Bhatia with Morningstar.

我們的最後一個問題來自拉吉夫·巴蒂亞 (Rajiv Bhatia) 與晨星公司 (Morningstar) 的對話。

Just on that Pershing business, can you remind us how much of your revenue is from RIA custody side? And then can you talk about what you're seeing from a competitive standpoint? Goldman Sachs seems to be expanding in this area. Envestnet has partnered with FNZ. SEI has also made some moves here. So curious how you see the competitive landscape evolving.

就潘興業務而言，您能提醒我們一下您的收入有多少來自 RIA 託管方面嗎？然後您能從競爭的角度談談您所看到的情況嗎？高盛似乎正在這一領域擴張。 Envestnet 已與 FNZ 合作。 SEI在這方面也做出了一些動作。很好奇你如何看待競爭格局的演變。

Sure, Rajiv. Look, we don't split out the RIA versus the broker-dealer. As you know, we're #1 in broker-dealer, and we're in the top 3 in RIA. So we're clearly a market leader. It's interesting the names that you picked because none of them are in the top 3 on either of those measures.

當然，拉吉夫。看，我們並沒有將 RIA 與經紀自營商分開。如您所知，我們在經紀交易商中排名第一，在 RIA 中名列前三。所以我們顯然是市場領導者。您選擇的名字很有趣，因為在這兩項指標中，沒有一個名字位於前 3 名。

So having said that, we're obviously not complacent about newer entrants into the market or other people who want to sort of get into this. But this is a business that we've been in for a long time. We understand it, and we have scale.

話雖如此，我們顯然對市場新進入者或其他想要進入這個領域的人並不自滿。但這是我們已經從事很長時間的業務。我們了解這一點，並且我們有規模。

I'm just going to repoint you to the $2.3 trillion of assets on that platform that we think is -- it gives us a tremendous starting point with clients and then the innovation that we've got in it. So we've gone multi-custody, which is very important in that business.

我只是想再次向您指出我們認為該平台上 2.3 萬億美元的資產——它為我們與客戶提供了一個巨大的起點，然後為我們提供了其中的創新。因此，我們採用了多重託管，這在該業務中非常重要。

We're innovating -- a lot of our services traditionally have been focused on the investor, but now we're delivering to the adviser as well with the Wove platform. We've innovated into direct indexing capabilities, financial planning capabilities, tax-aware investing capabilities.

我們正在創新——傳統上我們的許多服務都專注於投資者，但現在我們也通過 Wove 平台向顧問提供服務。我們在直接索引能力、財務規劃能力、稅務意識投資能力方面進行了創新。

We're deploying BNY Mellon advisers and the capabilities from Investment Management because we have a $1.9 trillion investment manager. We have existing technology from our Wealth Management franchise, which is market-leading. And we're adopting a ONE BNY Mellon mindset to that. So we're taking that technology and delivering it through Wove to other adviser clients.

我們正在部署紐約梅隆銀行顧問和投資管理部門的能力，因為我們擁有 1.9 萬億美元的投資經理。我們擁有來自財富管理專營權的現有技術，該技術處於市場領先地位。我們正在採取“ONE BNY Mellon”的理念來實現這一目標。因此，我們正在採用該技術並通過 Wove 將其交付給其他顧問客戶。

So we've got this whole breadth to how we're actually approaching this opportunity. And while we, of course, welcome the competition from some of these other folks, I don't think any of them can deliver that breadth of capability to our clients. And so for advisers and investors, we feel very good about our direction of travel in this business.

因此，我們已經全面了解瞭如何真正抓住這個機會。當然，雖然我們歡迎來自其他一些人的競爭，但我認為他們中的任何一個都無法為我們的客戶提供如此廣泛的能力。因此，對於顧問和投資者來說，我們對這項業務的發展方向感到非常滿意。

And with that, that does conclude our question-and-answer session for today. I would now like to hand the call back over to Robin with any additional or closing remarks.

到此，我們今天的問答環節就結束了。我現在想將電話轉回給羅賓，並附上任何補充或結束語。

Thank you, operator. And thank you, everyone, for your interest in BNY Mellon. If you have any follow-up questions, please reach out to Marius and the IR team. Be well.

謝謝你，接線員。感謝大家對紐約梅隆銀行的關注。如果您有任何後續問題，請聯繫 Marius 和 IR 團隊。祝你一切順利。

Thank you. This concludes today's conference call and webcast. A replay of this conference call and webcast will be available on the BNY Mellon Investor Relations website at 2 p.m. Eastern Standard Time today. Have a great day. Thank you.

謝謝。今天的電話會議和網絡廣播到此結束。本次電話會議和網絡廣播的重播將於下午 2 點在紐約梅隆銀行投資者關係網站上播放。今天東部標準時間。祝你有美好的一天。謝謝。